EUR/GBP Daily Forex Analysis
In this Daily Forex Analysis, the EUR/GBP pair’s intraday outlook remains balanced as recovery momentum decelerates after reaching the 0.8631 high. Looking downwards, if the pair breaks below the 0.8547 mark, it could aim for the low of 0.8506. A definite plunge beneath this point could reignite the broader downward trend that originated from the 0.8981 peak. Conversely, if the pair rises above the minor resistance at 0.8631, it could alter the bias, leading to the pair aiming for 0.8704, and possibly extending towards the 0.8721 level, which was a former supportive point now turned resistance.
Looking at the larger context in our Daily Analysis, the downward trend from the 0.9271 peaks (high of 2022) seems to form part of a long-term range pattern that traces back to the 0.9503 high of 2020. A definitive break at the 0.8721 level, which has turned from support to resistance, could argue that the three-wave decline to 0.8506 has concluded. A further breakthrough 0.8981 could instigate a retest of the 0.9271 peak. However, if the 0.8721 level rejects the upward movement, followed by a breach of the 0.8506 level, the downward trend could resume toward the 0.8205 low (the low of 2022).
EUR/GBP Daily Analysis Summary
To summarize, the EUR/GBP pair currently displays a balanced intraday bias, with potential for both upward ascents towards 0.8721 and downward moves towards 0.8506. The future trajectory of the pair largely depends on which of these pivotal levels is breached first.
Keynotes
- EUR/GBP’s intraday analysis reveals a neutral stance, with key resistance at 0.8631 and support at 0.8547.
- A significant break of the 0.8506 mark could restart the broader downtrend from 0.8981.
- Overcoming the 0.8721 resistance could suggest the completion of the three-wave decline.
